The BRICS nations, Brazil, Russia, India, China, and South Africa, a global economic and trade rival to the continued autocracy and dominance of the G7 nations have been projected to surge to at least 32.1% of global Gross Domestic Product (GDP) in 2023, according to data provided by the International Monetary Fund (IMF)
BRICS nations’ steady economic growth challenges G7 dominance
These countries, aiming to challenge the influence of the G7 nations, have shown steady economic growth over the past three decades.
The IMF’s recent research report, analyzed by data researcher Felix Richter, highlighted this growth trend.
The BRICS nations, currently convening for their summit in Johannesburg, South Africa, have been commended for sustaining economic momentum since their 16.9% GDP share in 1995.
The report emphasized that the projected 32.1% GDP share of the BRICS nations in 2023 will surpass the 29.9% of the G7 countries.
The G7 comprises the United States, the United Kingdom, Canada, France, Japan, Germany, and Italy.
The research report stated, “According to the IMF, the bloc will collectively account for 32.1 percent of global GDP this year. That’s up from just 16.9 percent in 1995 and more than the G7’s share of 29.9 percent.”
While acknowledging challenges, the study suggested that the growing influence of BRICS has led to calls for more inclusive global governance and a departure from policies shaped by the Western-led G7.
During the Russia-Ukraine conflict, the BRICS nations have shown divergence by refraining from joining G7 nations in imposing sanctions on Russia.
